Gender pay gap employer statement

Overall Approach

As one of Australia's fastest-growing financial services firms, Findex is committed to fostering a culture where diversity, equality, and opportunity converge to make a profound and sustainable impact on our clients, our employees, and our communities.  

Findex has ensured that every employee, including our Partner group, is included in our review of the gender pay gap. This approach sets us apart from other similar firms, who may exempt certain groups from their assessments, and overlook potentially valuable insights.  

When we examine our data in a similar way to these firms, who are structured as partnerships, our median gender pay gap for FY22/23 is 9.5%.

Findex has expanded significantly over the last decade, growing from approximately 100 employees to more than 2,300. Strategic acquisitions have played a pivotal role in our expansion, inadvertently leading to a predominance of male leadership within the firm. Although we observe instances where the gender pay gap is reversed, with women earning more than men in certain roles, this situation is limited and inconsistent across many functions. 

Our growth has underscored the importance of proactively addressing the gender pay gap. Proudly, we've narrowed this gap by 10 percentage points over the last two years including our Partner group and have witnessed a notable 8 percentage point rise in females appointed as Partners within the last five years. These milestones reflect significant progress, yet we recognise the journey ahead to ensure equity for all. 

Our goal is to cultivate an environment where every employee, regardless of gender, can thrive and excel and we know that diversity, flexibility, and equality must sit at the centre of our efforts to further unlock our market proposition of unrivalled expertise. 

Organisation context

At Findex our gender pay gap decreased from 34.8% to 24.8% between 2021/22 and 2023/24. The 10 percentage points positive movement or 28.7% reduction in our gender pay gap has been achieved from our deliberate and methodical approach to analysing pay, particularly emphasising equitable compensation for like-for-like roles, ensuring fairness and equality in remuneration for comparable work.

Recognising the journey ahead to further reduce this gap, we are actively engaged in identifying and addressing the underlying causes to foster continued improvement. Our strategy is anchored in three initiatives:

1. Comprehensive Pay Analysis: We conduct comprehensive benchmarking efforts to meticulously examine our existing pay structures. This initiative aims to accurately identify and address any discrepancies based on gender, facilitating a prioritised review of compensation across various roles and departments.

2. Continuous Monitoring and Improvement: We commit to regular, yearly assessments of our pay frameworks, policies, and procedures. This continuous scrutiny and refinement of our approaches is designed to yield significant and lasting improvements, aligning closely with our commitment to inclusion and diversity.

3. Coaching and Empowering Female Talent: A crucial aspect of our strategy involves nurturing our emerging leaders, particularly women, through targeted development initiatives. We provide essential People Leader training to equip our early-stage leaders with the capabilities needed to foster a high-performing culture and will be implementing a female mentoring program this quarter to help ensure greater female representation in Senior Leadership positions.

Gender pay gap drivers

The disparity in pay between genders at Findex is not a result of paying men 30% more than women for identical roles. Instead, it is primarily due to a greater number of men occupying senior-level positions, which affects the overall comparison of average earnings and thereby, accentuates the pay gap.

Addressing this imbalance is crucial. We are committed to enhancing the pathways for women in leadership roles, aiming to correct the gender pay disparity. Significant efforts have been made towards promoting female leadership, evident in the shift from a 20%/80% female-to-male partner ratio five years ago, to a 28%/72% split in Australia in 2023. This progress underscores our dedication to fostering a more equitable environment, with a focused approach on developing organic growth opportunities for female leaders within Findex.

Actions and strategies

In 2021, Findex embarked on a comprehensive materiality assessment, engaging employees, clients, and suppliers to identify key priorities within the Environmental, Social, and Governance spheres. This assessment highlighted the critical need for enhanced diversity measures, leading to the increased emphasis on diversity in our strategic objectives and the inauguration of our Gender Equity Plan in 2023.

The Gender Equity Plan focuses on several pivotal areas:

• Implementing gender-based recruitment goals and refining our recruitment policies to highlight our dedication to gender equity.

• Establishing a network of women and allies in FY24 to champion our gender equity goals.

• Evolving the Partner Pathways Program to ensure fairer promotion opportunities.

• Achieving and sustaining a minimum of 50% gender equity in our graduate intake.

• Integrating Diversity & Inclusion considerations into our employee feedback mechanisms.

• Prioritising closing the gender pay gap in our annual performance review process.

To date, we have achieved 20% of the objectives outlined in our Gender Equity Plan, reflecting our ongoing commitment to fostering a diverse and equitable workplace.

Conclusion

As Findex discloses its gender pay gap data, we approach this milestone with a commitment to openness, perseverance, and a forward-looking perspective. Findex is not just addressing gender equity as a compliance measure, we are embracing it as a strategic imperative. With detailed plans, ongoing reviews, and the backing of our top leaders, we're committed to closing this gap and while our journey towards gender equity is ongoing, we are motivated by the recent momentum we’ve already created through:

• Achieving a balanced male to female ratio of new partners in FY23.

• Ensuring gender parity in our 2024 graduate intake.

• The historic appointment of our first female CFO, Lianne Bolton, in 2023.

• The strategic acquisition of a female-led business in regional New South Wales.

These milestones highlight our commitment to shaping a future for Findex that is not only equal but also inclusive, leveraging the diverse talents and perspectives of all our team members.